The Government Services Authority is scheduled to offer 34,000 acres in a public land auction in Wadi Al Natroun, on behalf of the Land Recovery Committee,a government official told Al Borsa.
The land will be sold over two phases, with the auction for the first phase scheduled to take place on August 21.
Three plots of land will be offered as part of the first phase, with sizes varying between 25,000 acres, 5,000 acres, and 4,000 acres, a government official told Al Borsa.
The second land auction will take place two weeks after the first, and 3,000 acres will be offered.
The committee commissioned the Government Services Authority to take steps to sell the recovered land after it was returned to the government. Once the land is sold, the authority will deposit the auctions’ proceeds in an account opened at the Central Bank of Egypt, dubbed the “People’s Rights” account.